Ministry of Industry Holds Joint Video Conference with Commercial Attaches and Trade Offices in Major Countries to Monitor GVC Trends

"Understanding Trends in Global Value Chain (GVC) Changes and Policy Responses"

Yeohan Gu, Director General for Trade Negotiations, Ministry of Trade, Industry and Energy (Photo by Yonhap News)

[Asia Economy Reporter Moon Chaeseok] The Ministry of Trade, Industry and Energy held a joint video conference with commercial attach?s and trade offices from major countries to discuss strategies for responding to the restructuring of the global value chain (GVC). This was to prepare for changes in trade due to the prolonged COVID-19 pandemic.

According to the Ministry on the 19th, the meeting was held as changes in the GVC became apparent, with companies readjusting their production and investment strategies following the spread of COVID-19.

The purpose was to understand the responses of Korean companies and the trends among governments and companies of various countries, and to reflect these in the government's response strategy.

Yeo Hangoo, Director General for Trade Negotiations at the Ministry, stated, "With changes in the global supply chain, it has become important to secure the stability of supply chains and enhance risk response capabilities for our companies operating overseas." He added, "We plan to listen closely to the firsthand voices of our companies operating in major countries and swiftly implement policy responses to restructure supply chains according to demand."

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